JinkoSolar Announces Increased Shipping And Revenue In Second Quarter

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Chinese solar PV manufacturer JinkoSolar announced increased shipments and revenue in its second quarterly earnings report this week.

Announced Thursday, JinkoSolar Holding published its second quarter earnings report, which included an increase in the company’s full-year 2015 guidance for shipments, up from the original 3.3 GW and 3.8 GW to now be between 4.0 GW and 4.5 GW.

The company’s renewed confidence comes after a strong first quarter — in which it bucked traditional first quarter trends with an increase in revenue — and another strong quarter ending June 30. JinkoSolar shipped a total of 913.4 MW worth of solar modules in the quarter, including 90.4 MW for the company’s own downstream projects. This is an increase of 15.9% on an already strong first quarter of 789.2 MW, and an even larger increase of 38.7% on the same quarter a year earlier.

Specifically, JinkoSolar shipped a total of 915 MW of product to third parties, including 823 MW of solar modules, 59.5 MW of silicon wafers, and 32.5 MW of solar cells.

“We had an overall strong quarter as we continue to build a diversified foundation for long-term sustainable growth,” said Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer. “We are efficiently executing our strategy across all segments of our business as we benefit from the strong growth momentum gained by expanding our module and downstream businesses.”

Total revenue for the company in the second quarter reached RMB 3.2 billion, or $516.2 million, an increase of 16.4% over the first quarter of 2015, and an increase of 31.6% from the second quarter, 2014. Gross margin was 20.7%, up from 20.3% in Q1’15, while net income attributable to shareholders was RMB 76.4 million ($12.3 million).

JinkoSolar also has its own downstream business, which included connecting 108 MW worth of solar projects to the grid during the quarter, which brings the company’s cumulative connected capacity up to 725 MW. JinkoSolar’s solar power projects generated electricity of 203 GWh, and generated revenue of RMB 177.9 million ($28.7).

“Global solar demand remains robust, allowing us to build upon our leadership position in a number of key and new emerging markets,” Mr Kangping Chen continued. “We are well positioned in China as the market leader to benefit from the expected strong demand during the second half of 2015.

“We also made substantial progress in the U.S. where shipments increased by 115% sequentially, In the Asia Pacific region, we increased our market share substantially in Thailand. Shipments to Japan and the UK returned to normal levels following the year-end rush last quarter but still remain very active and show promising signs of growth. Turkey and Switzerland in the non-EU region as well as emerging market such as Brazil and Chile all show great potential. We continue to seek new opportunities as we diversify our customer portfolio and geographic presence”

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Joshua S Hill

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